{"id":4543,"date":"2020-10-15T13:13:22","date_gmt":"2020-10-15T20:13:22","guid":{"rendered":"https:\/\/www.new-wbc.org\/?p=4543"},"modified":"2020-10-15T13:17:32","modified_gmt":"2020-10-15T20:17:32","slug":"announcement-regarding-ppp-forgiveness","status":"publish","type":"post","link":"https:\/\/www.new-wbc.org\/es\/2020\/10\/announcement-regarding-ppp-forgiveness\/","title":{"rendered":"Announcement Regarding PPP Forgiveness"},"content":{"rendered":"<div><span lang=\"EN-US\">Self-Help has\u00a0<\/span><span lang=\"EN-US\">updated our PPP Forgiveness FAQ<\/span><span lang=\"EN-US\">\u00a0based on additional guidance released by SBA since\u00a0<\/span><span lang=\"EN-US\">our prior version<\/span><span lang=\"EN-US\">.\u00a0To view our PPP Forgiveness FAQ, please visit\u00a0the<\/span><span lang=\"EN-US\">\u00a0Tools &amp; Resources section of\u00a0<\/span><span lang=\"EN-US\">our<\/span><span lang=\"EN-US\">\u00a0<a href=\"https:\/\/self-helpfcu.org\/paycheck-protection-program-loan-forms\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/self-helpfcu.org\/paycheck-protection-program-loan-forms&amp;source=gmail&amp;ust=1602877825163000&amp;usg=AFQjCNEtFhq6qZLCucOQfksaBpELtRwg_A\">website<\/a><\/span><span lang=\"EN-US\">. (Por favor, <a href=\"https:\/\/www.new-wbc.org\/es\/?p=4547\">haga clic aqu\u00ed<\/a> para obtener esta informaci\u00f3n en espa\u00f1ol.)<\/span><\/div>\n<p><!--more--><\/p>\n<div>\n<div dir=\"ltr\">\n<div>\n<div>\n<div>\n<p><span lang=\"EN-US\">Highlights of recent SBA changes include:<\/span><\/p>\n<\/div>\n<h3><span lang=\"EN-US\">Borrowers with\u00a0<\/span><span lang=\"EN-US\">loans of $50,000 or less<\/span><\/h3>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><span lang=\"EN-US\">SBA has released a simplified forgiveness application form, Form 3508S, which no longer requires you to calculate employee hours and wages for these loans.<\/span><\/li>\n<li><span lang=\"EN-US\">Under new SBA rules, reductions in an employee\u2019s hours and\/or wages will not reduce the amount of loan forgiveness for these loans. <\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span lang=\"EN-US\">Changes of ownership<\/span><span lang=\"EN-US\">\u00a0<\/span><\/h3>\n<p><span lang=\"EN-US\">I<\/span><span lang=\"EN-US\">f ownership of your business has changed since you applied for your PPP loan, please let us know by emailing us a<\/span><span lang=\"EN-US\">t<\/span><span lang=\"EN-US\">\u00a0<\/span><a href=\"mailto:postclosing-ppp@self-helpfcu.org\" target=\"_blank\" rel=\"noreferrer noopener\"><span lang=\"EN-US\">postclosing-ppp@self-<wbr \/>helpfcu.org<\/span><\/a><span lang=\"EN-US\">.<\/span><span lang=\"EN-US\">\u00a0We may need to collect additional information from you based on\u00a0<\/span><span lang=\"EN-US\">new\u00a0<\/span><span lang=\"EN-US\">SBA guidance.<\/span><\/p>\n<h3><span lang=\"EN-US\">Owner-employees <\/span><\/h3>\n<p><span lang=\"EN-US\">SBA has defined\u00a0<\/span><span lang=\"EN-US\">\u201c<\/span><span lang=\"EN-US\">owner-employee<\/span><span lang=\"EN-US\">\u201d<\/span><span lang=\"EN-US\">\u00a0and has released\u00a0<\/span><span lang=\"EN-US\">additional\u00a0<\/span><span lang=\"EN-US\">guidance concerning compensation and benefits for owner-employees.\u00a0<\/span><\/p>\n<h3><span lang=\"EN-US\">Non-Payroll Costs <\/span><\/h3>\n<p><span lang=\"EN-US\">SBA has issued additional guidance clarifying forgivable Non-Payroll Costs.<\/span><\/p>\n<\/div>\n<div>\n<div>\n<p><em><span lang=\"EN-US\">For more details<\/span><span lang=\"EN-US\">\u00a0on these and other SBA updates<\/span><span lang=\"EN-US\">, please see our PPP Forgiveness FAQ in\u00a0the\u00a0Tools &amp; Resources section of\u00a0our\u00a0<a href=\"https:\/\/self-helpfcu.org\/paycheck-protection-program-loan-forms\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/self-helpfcu.org\/paycheck-protection-program-loan-forms&amp;source=gmail&amp;ust=1602877825163000&amp;usg=AFQjCNEtFhq6qZLCucOQfksaBpELtRwg_A\">website<\/a>.<\/span>\u00a0<\/em><\/p>\n<\/div>\n<\/div>\n<div>\n<h2><span lang=\"EN-US\">Access to our online PPP Forgiveness Portal<\/span><span lang=\"EN-US\">\u00a0<\/span><\/h2>\n<\/div>\n<div>\n<p><span lang=\"EN-US\">We<\/span><span lang=\"EN-US\">\u00a0are continuing to provide\u00a0<\/span><span lang=\"EN-US\">access to our online\u00a0<\/span><span lang=\"EN-US\">forgiveness\u00a0<\/span><span lang=\"EN-US\">portal in stages based on (<\/span><span lang=\"EN-US\">i<\/span><span lang=\"EN-US\">) the date the loan was made and (ii) whether proposed changes in Congress are likely to impact your loan.\u202f<\/span><span lang=\"EN-US\">We are learning more about SBA timing from the applications<\/span><span lang=\"EN-US\">\u00a0that have been\u00a0processed so far<\/span><span lang=\"EN-US\">, and\u00a0<\/span><span lang=\"EN-US\">soon\u00a0<\/span><span lang=\"EN-US\">we will provide\u00a0<\/span><span lang=\"EN-US\">those of you who have not yet received your access link to our portal with\u00a0<\/span><span lang=\"EN-US\">a<\/span><span lang=\"EN-US\">n<\/span><span lang=\"EN-US\">\u00a0estimate<\/span><span lang=\"EN-US\">d schedule<\/span><span lang=\"EN-US\">\u00a0of when yo<\/span><span lang=\"EN-US\">u\u00a0<\/span><span lang=\"EN-US\">should\u00a0<\/span><span lang=\"EN-US\">receive\u00a0<\/span><span lang=\"EN-US\">it<\/span><span lang=\"EN-US\">.<\/span><span lang=\"EN-US\">\u202f\u202f<\/span><\/p>\n<\/div>\n<div>\n<p><span lang=\"EN-US\">All PPP borrowers\u00a0<\/span><span lang=\"EN-US\">should apply for forgiveness\u00a0<\/span><span lang=\"EN-US\">within<\/span><span lang=\"EN-US\">\u202ften months\u00a0<\/span><span lang=\"EN-US\">f<\/span><span lang=\"EN-US\">rom the end of your covered period, and we will make sure we grant you access to the portal well within that timeline. Regardless of the deferral period set forth in your PPP Note, you are not required to make any payment on your PPP loan until your forgiveness amount has been determined (provided you submit your completed forgiveness application within that ten-month timeframe).\u202fWhen access is available for your loan,\u202fyou will receive an email from\u00a0<\/span><span lang=\"EN-US\"><a href=\"mailto:notifications@venturesgo.com\" target=\"_blank\" rel=\"noopener noreferrer\">notifications@venturesgo.<wbr \/>com<\/a><\/span><span lang=\"EN-US\">\u202fwith your unique link to Self-Help\u2019s forgiveness portal.\u202f<\/span><\/p>\n<\/div>\n<div>\n<p><span lang=\"EN-US\">If you received an SBA Economic Injury Disaster Loan (EIDL)\u00a0<\/span><span lang=\"EN-US\">A<\/span><span lang=\"EN-US\">dvance<\/span><span lang=\"EN-US\">, we continue to recommend waiting to apply for forgiveness<\/span><span lang=\"EN-US\">. Under current law, your forgiveness amount will be reduced by the amount of your EIDL\u00a0A<\/span><span lang=\"EN-US\">dvance. Congress continues to review this issue.<\/span><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<\/div>\n<div>\n<p><span lang=\"EN-US\">Please feel free to\u00a0<\/span><span lang=\"EN-US\">r<\/span><span lang=\"EN-US\">each out to us at\u00a0<\/span><a href=\"mailto:postclosing-ppp@self-helpfcu.org\" target=\"_blank\" rel=\"noreferrer noopener\"><span lang=\"EN-US\">postclosing-ppp@self-<wbr \/>helpfcu.org<\/span><\/a><span lang=\"EN-US\">\u00a0or by reply email with your questions.\u00a0<\/span><\/p>\n<\/div>\n<div>\n<p><span lang=\"EN-US\">Thank you,<\/span><\/p>\n<\/div>\n<div>\n<p><em><span lang=\"EN-US\">Your PPP Forgiveness Team<\/span>\u00a0<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Self-Help has\u00a0updated our PPP Forgiveness FAQ\u00a0based on additional guidance released  [&#8230;]<\/p>\n","protected":false},"author":2,"featured_media":4544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[207,205,191,206],"class_list":["post-4543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-eidl","tag-ppp-forgiveness","tag-sba","tag-sba-economic-injury-disaster-loan"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/posts\/4543","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/comments?post=4543"}],"version-history":[{"count":0,"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/posts\/4543\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/media\/4544"}],"wp:attachment":[{"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/media?parent=4543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/categories?post=4543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/tags?post=4543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}